Publication

"Will Loosening Cuban Trade Sanctions be a Boon for U.S. Business? Not Necessarily"

On September 21, 2015, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) published rules that further loosened longstanding trade restrictions between the United States and Cuba. This Stroock Special Bulletin examines the new rules which, as stated by U.S. Commerce Secretary Penny Pritzker, are intended, among other things, “to make it easier for Cuban citizens to trade and travel more freely, to enjoy the fruits of their labor, to access the Internet, and to be hired directly by foreign companies.”